Is NVIDIA stock still a buy after falling -7.33% on Thursday ?StockInvest.us, 2 weeks ago
The NVIDIA stock price fell by -7.33% on the last day (Thursday, 5th May 2022) from $203.34 to $188.44. During the day the stock fluctuated 7.70% from a day low at $185.00 to a day high of $199.25. The price has been going up and down for this period, and there has been a -6.63% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -2 million shares and in total, 63 million shares were bought and sold for approximately $11.92 billion.
Morgan Stanley is very positive about NVDA and gave it a "" rating on May 03, 2022. The price target was set to 196.02+0.35.Over the last 90 days, this security got 5 buy, 4 sell, and 1 hold ratings.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $179.48 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -15.13% during the next 3 months and, with a 90% probability hold a price between $152.32 and $226.02 at the end of this 3-month period.
There are mixed signals in the stock today. The NVIDIA stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $192.94 and $232.95. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Wednesday, April 27, 2022, and so far it has risen 2.33%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
NVIDIA finds support from accumulated volume at $187.88 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $14.25 between high and low, or 7.70%. For the last week, the stock has had a daily average volatility of 7.05%.
NVIDIA holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.Check full NVIDIA forecast and analysis here.